Petroleum - Modern history of oil on a Map
Petroleum - Modern history of oil on a Map
Let’s retrace on an animated map a summary of the modern history of petroleum until the present day.
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Patreon: https://www.patreon.com/geohistory
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English translation \u0026 voiceover: Rahul Venkit / @rahulvenkit
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French version (original): • Histoire moderne du pétrole - Résumé …
Russian version: • Современная нефтяная эпоха - на карте
Arabic version: • البترول_ملخص لتاريخه الحديث في 14 دقيقة
Spanish version: • El petróleo - resumen de la historia …
Portuguese version (Brazil): • วิดีโอ
Japanese version: • 石油の歴史
German version: • Die Geschichte des Erdöls - Zusammenf…
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Music: Hasta la vista - Causmic (YouTube library)
Software used: Adobe After Effects
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Barrel price: https://www.macrotrends.net/1369/crud…
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Chapters
00:00 Introduction
00:31 Modern oil era
01:24 Petroleum refining
02:42 Oil discoveries
03:19 Nationalism
04:02 OPEC
04:52 The oil crises
06:03 Middle East instability
07:05 US intervention
08:14 Increase in consumption
09:25 New sources
10:36 Price wars
11:10 Pollution
11:54 OPEC+
12:28 The future?
#geohistory #history #petrol #fuel #opec #oil
Content
0.179 -> Petroleum, or crude oil is a fossil fuel.
3.25 -> It is the result of organic matter transforming
into hydrocarbons over millions of years.
9.42 -> Generally buried in the form of a deposit,
crude oil sometimes appears on the surface
14.64 -> of the earth, which is why it has been known
to man since ancient times.
19.06 -> Around the world, oil was used as sealing
material in construction and for medical purposes.
25.36 -> But it is only in the middle of the 19th century
that its consumption would explode.
34.92 -> Europe and North America, in the midst of
industrial revolution,
38.5 -> have rapidly increasing energy requirements that are mainly met by coal.
43.46 -> Interest in oil intensifies throughout the
world.
46.14 -> From the Russian Empire, to Europe, to North America, the first modern drilling location.
52.36 -> In the United States, this causes a rush of
black gold
56.26 -> and the country became the largest oil producer in the world.
60 -> Initially, distilled oil replaces the burning
of whale oil in lamps.
65 -> It offers a better calorific value than coal
and is easier to transport than gas.
70.52 -> Oil consumption rises in the early 20th century,
especially in the field of transport,
75.92 -> with the development of the automobile, the reconversion of ship engines,
80.18 -> and the aviation boom during the World War I.
86.8 -> Crude oil, once extracted, is distilled in
a refinery to separate the hydrocarbons as needed.
92.9 -> The lighter molecules evaporate to the top
of the distillation column where the temperature
97.16 -> is around 20 degrees Celsius.
99.72 -> Liquefied Petroleum Gases are harvested and
used, among other things in lighters and in kitchens.
106.02 -> Between 30 and 105 degrees Celsius, gasoline
for cars is produced.
111.38 -> Between 105 and 160 degrees Celsius, naphtha
is created, used in petrochemicals in order
118.22 -> to create plastics, synthetic textiles, drugs
and cosmetics.
122.8 -> Between 160 and 230 degrees Celsius, kerosene
is obtained for aviation.
128.78 -> Between 230 and 425 degrees Celsius, diesel is created for cars and heating oil for domestic purposes.
136.92 -> Finally, the thick, high-sulfur residue is
heated to above 450 degrees Celsius
142.38 -> to form heavy fuel oil used by ships, and to obtain
bitumen used for road construction and roofing.
149.32 -> Crude oil was transported in barrels with
a capacity of 42 US gallons,
154.08 -> or slightly less than 159 liters.
157.28 -> The barrel thus became the unit for setting
oil prices.
164.86 -> More and more oil deposit discoveries are
made worldwide, including in Venezuela
170.28 -> which becomes the second largest global producer.
173.17 -> In the Middle East, where Britain is present,
Western companies seize the new market,
177.78 -> giving a portion of their profits to the local country
through royalties.
182.4 -> During World War II, demand for oil skyrockets
and the resource becomes a major international issue.
189.02 -> At the end of the war, the United States signs
an alliance with Saudi Arabia,
193.34 -> guaranteeing security of the country in return for privileged access to its oil.
202.02 -> Western companies dominating oil markets contribute
to nationalist movements in producer countries.
207.62 -> In Saudi Arabia, an agreement is signed allowing
the country to receive 50% of oil profits.
214.029 -> In Iran, negotiations with the Anglo-Persian
Oil Company fail, following which
218.88 -> the prime minister nationalizes the country's oil.
222.12 -> In response, the US and the UK secretly organize
a coup to overthrow the prime minister.
228 -> The Shah of Iran remains in power and then
allows the exploitation of oil in the country
232.82 -> by a consortium of Western companies.
235.24 -> In the USSR, the discovery of oil fields in Western Siberia pushes the country to invest in its exploitation.
245.7 -> Plentiful and cheap oil overtakes coal to
become the primary source of energy in the world.
251.1 -> So far, its price remains below 3 dollars
a barrel.
255.3 -> Five major oil-producing countries decide
to unite to derive more benefits.
260.04 -> They create OPEC, the Organization of Petroleum
Exporting Countries.
264.83 -> Together, they want to counter the dominance
of Western companies, to increase oil prices
269.77 -> and to have a common policy.
272.02 -> The organization would gradually be joined
by new nations.
275.52 -> In 1972, the United States reaches peak production
and is forced to import oil to meet its increasing needs.
283.1 -> As the United Kingdom withdraws from the Middle
East, security in the region is provided by
288 -> Iran and Saudi Arabia which are armed by the
West.
295.3 -> After the Yom Kippur War between Israel and
the Arab states of Egypt, Syria and Jordan,
300.719 -> OPEC for the first time uses oil as a political
weapon.
304.7 -> An oil embargo is imposed on Israel's allies
and production slows to inflate the price of oil.
311.3 -> This is the first oil crisis which hits industrialized countries
315.22 -> whose economies now depend on the black gold.
318.72 -> Countries try to reduce their oil consumption
and invest in alternatives
322.56 -> such as nuclear and hydro power, or reinvest in coal.
327.2 -> Oil companies in turn explore the world in
search of new deposits.
331.32 -> Sources at sea, called offshore sites, are
discovered and exploited, particularly in the North Sea.
337.82 -> The Soviet Union becomes the largest producer
of oil in the world, while in the United States,
343.02 -> production increases with the exploitation
of Alaskan oil.
346.74 -> In 1979, the Iranian revolution takes place.
350.729 -> The Shah's regime is overthrown and replaced by an Islamic republic that sets up an anti-Western policy.
357.9 -> Oil production in the country falls, causing
the second oil crisis.
366.4 -> Following border disputes, tensions between
Iran and Iraq lead to 8 years of war.
372.02 -> Globally, non-OPEC oil production rises and
exceeds production by OPEC countries.
378.08 -> Henceforth, supply and demand sets the price
of a barrel rather than OPEC.
383.3 -> However, for industrialized countries, the
stability of the Middle East still remains a priority.
389.44 -> Thus when Iran and Iraq begin to target oil
facilities in the Persian Gulf,
394.12 -> hundreds of Western military vessels step in to ensure
the supply of oil.
399.45 -> At the end of the war, Iraq is weakened and
indebted to Saudi Arabia and Kuwait.
404.44 -> But having received large amounts of military equipment,
407.38 -> the country has the most powerful army in the region.
411.16 -> Iraq takes advantage of this situation to
invade Kuwait following a border dispute.
416.7 -> An international coalition is formed under
the UN, and led by the United States,
421.14 -> to intervene and neutralize the Iraqi army.
428 -> This time the United States establishes a
permanent presence in the region by installing
432.62 -> military bases and signing defense agreements
with Gulf monarchies.
436.92 -> The country imposes a series of embargoes
against Iran and Iraq, which it considers rogue states.
443.44 -> Saudi Arabia, for its part, wants to once
again become a major producer of oil.
448.34 -> The country has the largest known oil reserves
in the world and floods the market
452.7 -> to become the largest producer of crude.
455.59 -> In Russia, new investment revives the oil
industry.
459.34 -> But as the price of oil is low, and offshore
operations unprofitable,
463.32 -> oil companies find themselves in difficulty.
466.06 -> In 1998, they begin to merge together and
combine forces.
470.54 -> 6 giant oil companies are born that would
become the richest and most influential in the world.
476.84 -> In the Middle East, the military presence
of the United States begins to raise concern.
482.06 -> On one hand, radical Islamists do not want
the presence of an Israeli ally on their soil.
487.78 -> On the other, some consider the sanctions
imposed on Iraq and Iran as too heavy.
497.04 -> On September 11, 2001, the United States becomes
the target of a major terrorist attack on its territory.
503.84 -> 15 of the 19 terrorists were Saudis, raising
grave concerns.
508.48 -> The US actively seeks new sources to reduce
oil dependency on the Saudis.
513.95 -> In Africa, production accelerates after the
discovery of large offshore fields off the Gulf of Guinea.
520.74 -> In the Middle East, the United States invades
Iraq under the pretext of its war against
525.8 -> weapons of mass destruction.
527.78 -> A few years later, the country's oil would
be back on the international market.
532.42 -> Iran for its part opens its market to new
rising Asian powers, such as China and India.
538.8 -> The abundant supply of oil in the world stimulates
the economy.
542.54 -> Growth skyrockets, mainly in emerging countries.
545.74 -> In addition, Wall Street traders speculating
on black gold, pushes prices further upward.
551.329 -> But the financial crisis of 2008 would cause
a sharp drop in prices.
556.42 -> Venezuela, over a few years, discovers
it holds the largest known oil reserves in
561.47 -> the world, putting it ahead of Saudi Arabia.
568.06 -> With more global demand for oil, its price
rise again.
571.8 -> The "unconventional" exploitation of petroleum
becomes profitable despite the difficulty
576.57 -> in its pumping and treatment.
578.81 -> Thus in Canada and Venezuela, oil companies
rely on the exploitation of huge oil sand deposits.
585.6 -> As this thick bitumen is found near the earth’s
surface, forests are razed to extract the oil.
591.26 -> It is then transformed with more expensive,
highly polluting techniques.
595.88 -> While offshore now provides 30% of global production, oil companies try exploiting deeper deposits.
602.32 -> In the Gulf of Mexico, an attempt to make
the deepest borehole in the world fails,
606.78 -> causing one of the world’s worst known oil spills.
610.4 -> In the United States, improved technologies, such as fracking, now make it possible
615.3 -> to pump shale oil, the reserves of which seem
enormous.
619.48 -> This oil is wedged between different layers
of solid rock.
622.86 -> A fluid is injected at high pressure to break the rock and release the black gold which is then pumped.
629.78 -> Numerous such reserves discovered in the United
States cause to the country's production to explode.
638.96 -> The fact that the biggest oil consumer in
the world becomes a bigger producer
643.02 -> does not please its Saudi ally.
645.74 -> Saudi Arabia then wants to make the production
of unconventional oil unprofitable by dropping prices.
651.96 -> To achieve this, Saudi Arabia persuades OPEC
to flood the oil market.
656.68 -> The price of the barrel drops, making oil
production barely or sometimes not at all profitable.
663.1 -> But the oil industry of the United States
resists and continues to increase its production.
672.48 -> With oil abundant and cheap, world consumption
continues to rise
676.64 -> and approaches 100 million barrels per day.
679.8 -> Two-thirds of the oil used in transportation
industry is the main emitter of CO2.
685.58 -> In the maritime sector, heavy fuel oil used
by ships
688.9 -> emits 3,500 times more sulfur than diesel fuel, causing severe air pollution.
695.04 -> The United States and Europe react by creating
zones where heavy fuel consumption is prohibited.
701.22 -> Since the beginning of the modern era of oil,
many oil spills cause major environmental damage,
706.78 -> with the Niger Delta probably being the most affected region with 60 years of oil spills largely ignored.
717.3 -> Saudi Arabia undergoes its own policy changes,
being faced in recent years with a large fiscal deficit.
724.46 -> OPEC countries are forced to appeal to other
producing countries
728.3 -> to together try boosting the price of oil.
730.96 -> This inlude Russia, the second largest crude exporter in the world.
735.52 -> The United States, in contrast, continues
to increase production to keep prices low
740.44 -> and to support growth and the economy.
743.22 -> The country eventually becomes the largest
oil producer in the world.
750.9 -> While IPCC experts are sounding the alarm
and call for drastically reducing CO2 emissions
756.7 -> to limit global warming, we have currently
found enough oil to carry on for at least
761.56 -> another 50 years at current rates.
764.47 -> Saudi Arabia now speaks of diversifying its
investments to prepare for the post-oil era.
770.72 -> Iran, which has the 3rd largest oil reserves
in the world, suffers since 2018 from sanctions
776.44 -> imposed by the United States aimed at choking
its oil sales.
781.42 -> In Venezuela, the countryy is hurt by the low
oil prices
784.94 -> and the country never really benefits from its huge reserves.
788.72 -> Political instability could potentially impact exports, which currently mainly benefits China and Russia.
796 -> Meanwhile, oil companies remain among the
most powerful entities in the world.
801.08 -> In 2017, five of them figure in the list of
global top 10 companies with the highest turnover.
807.5 -> The International Maritime Organization imposes
drastically reduced sulfur emissions goals
812.9 -> for vessels by 2020.
815.38 -> This could force the industry to abandon heavy
fuel oil in favor of other hydrocarbons,
820.68 -> which may push up its demand and price.
823.569 -> If the price of a barrel increases, the exploitation
of unconventional oils could restart with renewed vigor.
830.48 -> This includes areas such as the Arctic, which
shows promise of holding vast deposits.
835.84 -> And with polar ice caps melting, it makes
it possible to explore new areas potentially rich in oil.
Source: https://www.youtube.com/watch?v=xMQUGSrnbP8